Question 27 (2 points)Allocating the cost of an asset evenly over its useful life is:

a

Straight-line depreciation

b

Book value

c

Net depreciation

d

Contra account

e

Plant asset

 

Question 28 (2 points)A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):

a

Account balance.

b

Trial balance.

c

Income Statement.

d

Chart of accounts.

e

Balance Sheet.

 

 

Question 29 (2 points)Examples of good internal controls include:

a

Making sure a single person handles all transactions related to cash

b

Requiring the use of passwords on computers

c

Hiring only friends and relatives

d

All of these

e

Doing all the work yourself, since you are the only one you can trust

 

 

Question 30 (2 points)The income statement equation is

a

Assets = Liabilities + Equity

b

Net Income = Revenue - Expenses.

c

Assets + Equity = Liabilities.

d

Expenses - Net Income = Revenue.

e

None of the above.

 

 

Question 31 (2 points)Examples of accrued expenses include all but:

a

Taxes.

b

Interest.

c

Unearned revenue.

d

Rent.

e

Salaries.

 

 

Question 32 (2 points)A credit entry:

a

Is always an increase in an account.

b

Is always a decrease in an account.

c

Decreases asset and expense accounts, and increases liability, owner's capital, and revenue accounts.

d

Increases asset and expense accounts, and decreases liability, owner's capital, and revenue accounts.

e

Is recorded on the left side of a T-account.

 

 

Question 33 (2 points)The financial statements must be completed in the following order:

a

Balance sheet, trial balance, income statement, statement of owner's equity.

b

Income statement, statement of owner's equity, balance sheet.

c

Income statement, statement of owner's equity, adjusted trial balance.

d

Worksheet, trial balance, income statement, balance sheet.

e

Statement of owner's equity, income statement, balance sheet.

 

Question 34 (2 points)A voucher system is a series of prescribed control procedures:

a

To ensure that the company sells on credit only to creditworthy customers.

b

Used almost exclusively by small companies.

c

Designed to control cash disbursements and the acceptance of obligations.

d

Designed to determine if the company is operating profitably.

e

Which eliminate the need for subsidiary ledgers.

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